Anger has greeted the Central Bank of Nigeria (CBN) directive to Deposit Money Banks (DMBs) and other financial institutions in the country to close accounts of persons involved cryptocurrency trading.
Earlier on Friday, the CBN memo to banks to close accounts being used for trading in the virtual currency went viral on social media, though it was released since Monday.
Bello Hassan,Director of Banking Supervision; andMusa Jimoh, Director of Payments System Management Department, the CBN on Monday said: “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchange is prohibited.
“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.”
On different social media platforms, Nigerians poured invectives on the regulatory bank for its move.